Friday, May 13, 2011

Wall Street Drops As Dollar Climbs, Ford (NYSE: F) Declines

US stocks dropped on Friday as a strengthening in the dollar sent commodity-related and financial shares lower.

The Dow Jones Industrial Average dropped 100.17 points, or 0.79%, to finish at 12,595.75. The S&P 500 shed 10.88 points, or 0.81%, to close at 1,337.77. The Nasdaq Composite declined 34.57 points, or 1.21%, to 2,828.47.

The Commerce Department reported Friday that consumer prices rose at an annual rate of 3.2% in April. Core prices rose a lesser 0.2%. 

Meanwhile, the University of Michigan's preliminary consumer sentiment survey for May rose to 72.4, from 69.8 in April. Economists were looking for a reading of 69.5.

DryShips Inc.(NASDAQ: DRYS) said late Thursday that its first quarter net income rose to $25.8 million, or 7 cents per share, from $13.3 million, or 4 cents per share, in the prior-year quarter. On an adjusted basis, the company earned 15 cents per share in the latest quarter. Revenue rose 6.8% to $207.4 million. DryShips shares slumped 28 cents, or 5.98%, to close at $4.40.

Shares of Ford Motor Co. (NYSE: F) dropped 18 cents, or 1.18%, to close at $15.08.

European stocks closed lower. The UK FTSE fell 19.09 points, or 0.32% to 5,925.87. The German DAX and French CAC declned 0.55% nd 0.11% respectively.

Asian stocks finished mixed. The Nikkei 225 decreased 67.88 points, or 0.70%, to 9,648.77. The Hang Seng index of Hong Kong rose 202.51 points, or 0.88%, to 23,276.27.

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